There was unanimity in the judgement that an increasingly fragile situation of the banking system required the ECB to continue providing very generous liquidity to banks. Most members advised the ECB Governing Council to revert to offering a long term refinancing option with a maturity of at least one year to help banks with their liquidity planning. Some members, while supporting the goal, said that a strong commitment toward providing unlimited liquidity at a fixed rate for as long as needed would achieve the same purpose.
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